Taxing problem for equity products

Wealth management

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Australia’s banks normally look forward to the run-up to the financial year-end. With investors scrambling to place their dollars into tax-efficient investment structures ahead of the June-end deadline, it can mean a busy and money-spinning few months for product providers. This year, however, things have been a little trickier. The equity market has taken a pounding, giving some investors pause for thought. Worse, banks were broad-sided by a statement from the Australian Treasury in Apri